Downing has secured a £249.2 million refinancing package for two major residential towers at its £400 million Square Gardens development in Manchester, marking another significant milestone for one of the city’s largest new living schemes. The financing, provided by Bank of Ireland, covers Acer and The Fernley, the two completed co-living buildings within the wider Square Gardens development in Manchester’s First Street district. Together, the buildings provide a major concentration of new rental accommodation, with the 25-storey Acer and 45-storey Fernley forming the first two phases of the development. Both buildings are now operational, demonstrating the scale of demand for professionally managed, amenity-led rental accommodation in Manchester. Designed by Manchester-based SimpsonHaugh Architects, Square Gardens represents a substantial addition to the city’s evolving residential landscape. The wider £400 million development has been conceived as a new urban neighbourhood combining high-density living with extensive shared amenities, landscaped spaces and public realm. Residents have access to facilities including a gym and wellness centre, co-working and meeting areas, social lounges, private dining spaces and extensive landscaped gardens and terraces. Sustainability has also formed an important part of the development, with measures including air source heat pumps, while the scheme has targeted BREEAM Excellent and EPC A ratings. The refinancing represents an important financial milestone following the completion and occupation of the two buildings. Savills Capital Advisors advised Downing on the transaction. Bay Downing, joint chief executive of Downing, described the deal as a landmark transaction for the business, highlighting the strength of the company’s portfolio and growing opportunities across the living sector. The deal is also significant for the wider UK residential market. Large-scale co-living and Build to Rent developments are becoming an increasingly established component of regeneration in major regional cities, combining new housing supply with extensive shared facilities and professionally managed environments. Square Gardens has been created using Downing’s vertically integrated approach, with development, construction and ongoing management delivered by the business. This has enabled the company to take the scheme from construction through to operation within the wider group. With Acer and The Fernley now completed and backed by £249.2 million of refinancing, Square Gardens is moving firmly from major construction project to established residential destination, reinforcing Manchester’s position as one of the UK’s leading markets for large-scale rental and co-living development. Building, Design & Construction Magazine | The Choice of Industry Professionals

Karen Carter, public sector director at public procurement specialist Pagabo, has shared her thoughts following the government’s announcement on its intention to review plans for local government reorganisation (LGR) and ensure alignment with its wider plan to rewire the state.     Karen said: “This week’s announcement adds another layer of uncertainty for councils that have already spent months planning for reorganisation. Four areas have had their plans withdrawn, another 14 are paused pending review, and the 2027 elections will now be fought on existing boundaries.   “For the teams involved, that’s a lot more work suddenly required without a clear landing point. But the fundamentals haven’t changed. Schools still need building, homes still need delivering, and estates still need maintaining. None of that waits for a structural decision in Whitehall. The risk in moments like this is that authorities press pause on everything, not just reorganisation, and lose a year of delivery to a decision that isn’t theirs to make. It’s vital that local authorities remember that successful transition will depend not only on the governance design, but on collective leadership and the ability to maintain shared action while navigating the road ahead.     “Our advice remains the same as prior to this latest government announcement. That is to keep statutory service delivery moving and focus on decisions that will be unaffected by reorganisation. This means procuring through compliant, flexible routes that transfer cleanly to whatever structure eventually emerges. Similarly, ensure contract, asset and supplier data is in order because that is the groundwork every future authority will need regardless of how new boundaries are formed. Finally, keep the relationships with your supply chain warm so that you can move quickly when clarity comes.   “Uncertainty is not the same as standstill. The authorities that come through this best will be the ones that use the pause to get their house in order – rather than waiting to be told what shape they’ll be.”  For more information and guidance, check out Navigating Local Government Reorganisation – which was recently published by Pagabo.    Building, Design & Construction Magazine | The Choice of Industry Professionals

Cardo Group has rapidly expanded its position in the UK building maintenance market, creating a business with full-year revenues of £314 million following a sustained programme of acquisitions and organic growth. The Cardiff-based group, which specialises in repairs, maintenance and improvement services for the social housing sector, reported statutory turnover of £239 million for the year to February 2026, representing a 65% increase. Growth was supported by seven acquisitions during the period alongside expansion across Cardo’s existing operations, as the business continues to build greater regional coverage and broaden the specialist services it can provide to housing clients. Operating profit more than doubled from £6 million to £14 million, with the operating margin increasing from 4.3% to 5.8%. However, the scale of the enlarged group is better reflected by full-year trading figures incorporating 12 months of revenue from the acquired businesses, which put turnover at £314 million and adjusted EBITDA at almost £32 million. Cardo’s acquisition programme has brought a diverse range of building maintenance capabilities into the group. Deals have included Breyer’s roofing division, energy specialist SERS operations in Scotland and Wales, CTS Projects, Scottish roofing contractor Faskin Group, passive fire protection specialist Gunfire and Trident Maintenance Services. Expansion has continued since the financial year-end. Welsh electrical maintenance specialist EFS Systems (UK) joined Cardo in May, followed in July by R Lewis & Co (UK) Holdings and subsidiary R Lewis & Co (UK), strengthening the group’s passive fire safety capabilities. In August, Cardo added Andover-based plumbing and heating specialist Correct Contract Services, further expanding its building services offering and geographical reach. The acquisition strategy has been accompanied by significant workforce growth. Average employee numbers increased from approximately 780 to 1,276, with much of the expansion concentrated within operational roles. Cardo’s balance sheet also reflects the pace of investment. Cash increased from £9.9 million to £15.1 million, while long-term creditors rose from £30.5 million to £81.6 million as acquisition financing was deployed to support the group’s expansion. The business is now looking to combine further strategic acquisitions with organic growth secured through long-term repairs and maintenance contracts. Its strategy is particularly focused on strengthening regional delivery capabilities across the social housing market while bringing together complementary services including roofing, electrical works, heating, energy efficiency and passive fire protection. Further consolidation is also planned within Scotland, where Heatcare Oil and Gas and Rodgers & Johnston are set to be integrated into Cardo Scotland. With a strong forward order book and growing pipeline of opportunities, Cardo is positioning the enlarged group for further expansion as investment in housing maintenance, building safety, energy efficiency and asset improvement continues across the UK. Building, Design & Construction Magazine | The Choice of Industry Professionals

Some of the UK’s biggest facilities management and building services contractors have secured positions on a new government framework valued at up to £120 billion, opening the door to a major pipeline of public estate work over the next eight years. The Government Commercial Agency framework, RM6378, is set to become a recommended procurement route for facilities management services across central government. It will also be available to local authorities, NHS organisations, police forces, fire and rescue services, education bodies and devolved administrations. Competition for the largest Total Facilities Management contracts has attracted many of the sector’s leading names. Eighteen businesses have been appointed to the highest-value lot, covering individual contracts worth more than £15 million annually. The successful firms include Amey, CBRE, Compass, Dalkia, Equans, G4S Facilities Management, ISS, JLL, Kier, Mitie, OCS, Robertson Facilities Management, Serco, Skanska, Sodexo, Vinci Facilities, Vivo Defence Services and Wates. For the construction and built environment industry, the framework also represents a substantial opportunity for contractors delivering hard FM, engineering, maintenance and asset management services across the public estate. Forty businesses have secured positions on the major Hard FM lot for contracts valued above £2 million per year. Among those appointed are Amey, BAM FM, CBRE, Dalkia, Equans, Galliford Try, Graham Asset Management, Kier, Mears, Mitie, NG Bailey, OCS, Robertson, Serco, Skanska, Vinci Facilities, Vivo and Wates. The framework has been structured to accommodate public sector estates and contracts of significantly different scales. Total FM is divided into three bands covering contracts worth up to £2 million annually, between £2 million and £15 million, and more than £15 million. Hard FM is split between contracts below and above £2 million a year. A core group of contractors has achieved particularly strong coverage across the framework. Fifteen firms secured places across all five Total FM and Hard FM lots: Amey, CBRE, Equans, ISS, JLL, Kier, Mitie, OCS, Robertson, Serco, Skanska, Sodexo, Vinci Facilities, Vivo Defence Services and Wates Property Services. A further group, including BAM FM, Dalkia Facilities, Galliford Try Facilities Management, Graham Asset Management and Mears FM, secured positions across four lots. The scale and duration of the framework make it an important development for the management and maintenance of the UK’s public buildings and infrastructure. Alongside day-to-day FM provision, major hard services contracts can encompass the engineering, maintenance and long-term performance of complex property portfolios. With public bodies continuing to face pressure to improve building efficiency, modernise ageing estates and manage assets more effectively, the framework provides a long-term procurement platform through which significant programmes of FM and building services work can be commissioned. The agreement is scheduled to operate for eight years, running through to August 2034, giving successful contractors access to what could become one of the most significant public sector facilities management pipelines in the UK. Main Total FM and Hard FM winners Building, Design & Construction Magazine | The Choice of Industry Professionals